Question:
Must the treasurer be a property owner and be invested in the complex. Does a non profit HOA file taxes and 1099′ be sent to vendor’s. Look forward to your reply
– Thomas
Answer:
Hi Thomas,
According to the North Carolina Planned Community Act Section 47F‑3‑103(e), the majority of the board should be lot owners and the board will elect the officers. This may imply that the secretary can be a non-owner as long as most of the board comprises members. A similar provision exists in the North Carolina Condominium Act Section 47C‑3‑103(f) for condominiums created after October 1, 1986.
As for non-profit taxes, they generally do need to file taxes, including form 1099. Here are some resources that might help you:
https://www.hoamanagement.com/
https://www.hoamanagement.com/
For further guidance, kindly consult the HOA management company, attorney, or accountant.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
